Over Half Of Women In charge Of Household Finances
New research reveals that women are moving into the driver’s seats in their financial lives. Personal finance brand HerMoney and the Alliance for Lifetime Income asked more than a thousand women about their finances and careers and found more women are breaking down stereotypes and taking more control.
Nearly all of the women surveyed who are in relationships say they take part in managing their household finances (94%), as well as managing investments (94%) and retirement planning (94%). The financial decisions they’re most proud of include:
- Engaging with their finances on a regular basis 68%
- Paying off debt 56%
- Buying a home 53%
- And being able to talk openly about money 53%
More than half of the women in relationships take on more financial responsibility than their partners:
- 59% have primary responsibility for household finances and 51% are in control of investments, while just under half (48%) manage retirement planning for themselves and their partner.
- On average, women who share money management duties with their partner say they do 55% of the work on household finances, 54% on investments and 55% of the retirement planning.
- But when it comes to love and money, the majority of women still prefer to keep them separate. Only a third (33%) of women with partners have completely merged their finances with their S.O and just 2% of single ladies say they would merge their money with a partner or spouse in the future.